Santiment said the amount of ether held on crypto exchanges has decreased over the past six months as ether prices have stabilized while holders continue to participate in staking.
In a Tuesday post on X, Santiment shared data from Sanbase showing the highest amount of ether since July ($ETH) with 12.31 million tokens on the exchange, the volume steadily decreased to 8.15 million tokens.
Santiment analysts predict that the volume of Ether on exchanges may continue to decline as price movements remain slow. $ETH Sent for staking. According to CoinGecko, Ether has fluctuated between $2,801 and $3,034 over the past seven days.
“Forex supply will continue to shrink as well, as interest in staking remains strong, especially during sideways market movements,” they said.
sauce: Saintly
Ether staking entry queue waits for 63 days
Blockchain Explorer Ethereum Validator Queue estimates that the entry queue is overcrowded as of Thursday, with 3.6 million tokens in line for staking and an expected wait of 63 days, while 44,448 tokens are waiting for exit with an 18-hour wait.
The Ethereum network has a limit on the number of validators that can enter and exit staking each epoch to protect the stability of the network.
According to beaconcha.in and Dune Analytics, the total amount of Ether staked is more than 36 million, accounting for about 29% of the supply and up from 35 million in June.
There are 3.6 million tokens to stake, and the wait is expected to be 63 days. sauce: Ethereum validator queue
Ethereum is a proof-of-stake network that requires validators to stake tokens to secure the network. Unstaking is seen as a sign that the validator is willing to release Ether for sale, whereas staking requires locking up the asset and can therefore be seen as a sign of confidence in the asset.
Tom Lee’s Bitmine is 2.5 million $ETH bet
Bitmine is dedicating more funds to staking. Data analysis firm Lookonchain reported that Bitmine staked an additional 250,912 Ether from the company’s stash.
In total, Lookonchain estimates that Bitmine currently has over 2.5 million tokens staked, representing approximately 61% of its total holdings.
Related: Ethereum L1 transactions reach 2.2 million per day. Each costs about 17 cents
Ether Finance Company started staking its hidden assets in December, transferring 74,880 Ether.
Some stakers are accumulating ether
Some Ether shareholders also appear to be buying up more supply. Lookonchain said its four staking wallets withdrew more than 26,000 tokens from Binance on Tuesday, and speculated that it may be accumulating more.
Ether trading volume on CoinMarketCap on Thursday was about $23.54 billion, down from more than $27 billion the day before.
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